Zimbabwe is set to establish a Sovereign Wealth Fund (SWF) to hold shares in various entities acquired by the government under the empowerment legislation signifying its intentions to move ahead with the programme that has rattled foreign investors.
The move comes after major mining companies buckled under pressure and resolved to sell controlling shareholding to locals in line with the Indigenisation and Economic Empowerment Act. Initially, mining houses under the Chamber of Mines umbrella had offered 26% to locals. According to information obtained last week, the country’s SWF, Zimbabwe Investment Corporation (ZIC) will be launched before the end of the year to house resources for the future generation..............................................Full Article: Source